Festival Spending Booms Despite Inflation Worries, Global Slowdown
NDTV
Indian consumers are lapping up everything from cars, houses and television sets to travel and jewellery in the festive season that began last month.
Indian consumers are lapping up everything from cars, houses and television sets to travel and jewellery in the festive season that began last month, according to early data, giving a fillip to growth prospects despite economic gloom elsewhere in the world.
Online and offline sales during the Hindu festival period starting in the last week of September and lasting until early November are estimated to cross $27 billion, almost double the amount in the same pre-COVID period in 2019, and nearly 25% higher than last year, according to industry estimates.
The sales would include nearly $15.2 billion offline sales, compared to about $8.5 billion in 2019, according to the Confederation of All India Traders (CAIT). This year there will also be $11.8 billion worth of sales on online platforms like Amazon and Walmart's Flipkart, according to Redseer, a market consultancy.
Retail sales always peak during October-November, when the nation of 1.4 billion celebrates the major festivals of Dussehra and Diwali. It's also an auspicious time of year to get married, according to Hindu belief.
